13.10.17

Bitcoin on the Move; Rises to $5,856

Dominant cryptocurrency Bitcoin rose by more than 13 percent on Friday to an all-time high of $5,856.
The cyptocurrency that traded at $966 at the beginning of the year,
has now gained more than 750 percent in the last one year and worth four
times as much as an ounce of gold.
However, the price has been very volatile, plunging below $3,000 in
September after China stopped exchangers from carrying out Bitcoin
transactions and by October it was trading above $5,000.
Experts have called on central banks and regulators to get serious about digital currencies to curb excesses.
Russian president, Vladimir Putin called for regulation of
cryptocurrencies week, saying their use is dangerous as they can be used
to launder money, tax evasion and even fund terrorism.
However, he advised against too many barriers, which according to him could further boost the attractiveness of the coin.
Despite warnings, the digital currency has continued to gain
acceptance, and just last month, a London based property developer, The
Collective, announced it would allow tenants to pay in Bitcoin.
While, Jordan Hiscott, the chief trader at Ayondo Markets, said: “The
returns are truly remarkable, especially given the recent ban on
bitcoin trading in China, where demand had previously accounted for at
least 10% of all global volumes.”
In September, JPMorgan Chase CEO Jamie Dimon called the high flying
digital currency a fraud, but instead of his comments scaring investors,
it has helped the coin popularity blast through $5,000.
Speaking on Jamie Dimon’s comment, IMF Managing Director Christine
Lagarde said people should be aware not to categorize “anything that has
to do with digital currencies in those speculations, ponzi-like
schemes. It’s a lot more than that.”